Toronto Stocks Rise Amid Strength in U.S., Oil Prices

   By Ezequiel Minaya 
 

The rally in Canadian stock prices continued Tuesday as the country's key index reached levels not seen since last year, boosted by positive signals from the U.S. and U.K. as well as a recovery in oil prices.

The S&P/TSX Composite Index added 115.79 points, or 0.8%, to 14477.67. Advancers outnumbered decliners 1,112 to 554. Trading volume was 439.7 million shares.

The blue-chip S&P/TSX 60 Index rose 7.78 points, or 0.9%, to 841.86.

Building on a stocks rally of its own, the U.S. market hit record highs Tuesday, following a strong jobs report last week and a robust start to earnings seasons. On Monday, Alcoa Inc. was the first major company to report quarterly data, posting better-than-expected results.

In the U.K., news that the country's home secretary, Theresa May, would soon replace David Cameron as prime minister further soothed investors who have largely recovered from political uncertainty stirred by the vote to leave the Europe union late last month.

Oil prices also rose Tuesday as the Organization of the Petroleum Exporting Countries said production from countries outside the group would fall this year more than previously expected, raising hope for some relief from supply worries.

Energy producers in Canada benefited from the rising crude prices. Canadian Natural Resources Ltd. added 3.7%, Encana Corp. rose 5.6%, Crescent Point Energy Corp. surged 4.7% and Husky Energy Inc. climbed 4.7%.

Gold companies also were among the biggest losers as investors left safe-havens assets. Barrick Gold Corp. fell 7%, while Kinross Gold Corp. retreated 5.2%.

Cooper miner First Quantum Minerals was bouyed by rising prices for the metal on growing expectation of increased demand from China. First Quantum climbed 11%, while HudBay Minerals Inc. added 4.7%.

Power Producer Northland Power Inc., meanwhile, said it plans to review strategic alternatives to bolster growth, shareholder value and its "ability to capitalize on a growing pipeline of clean energy infrastructure development opportunities." The company's stock rose 6.6%.

Write to Ezequiel Minaya at [e-mail]

(END) Dow Jones Newswires

July 12, 2016 16:55 ET (20:55 GMT)

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